The Dow closed lower Thursday for the third straight session, after ending regular trading Monday of this week at new all-time closing highs. The blue-chip index sank to session lows at the close, -0.44%, and back below 36K once again, partly on disappointing earnings performance from The Walt Disney Co. DIS yesterday afternoon.
Disney also weighed on the S&P 500 today, which finished in the green today but only by a smidge. The Nasdaq, on momentum strength from NVIDIA NVDA closed up +0.52%, and the small-cap Russell 2000 won thec day, +0.82%.
Singles Day in China was today, November 11th, as the date “11/11” represents a series of single individuals, and it became a retail sales bonanza for that day each year. Alibaba BABA popularized the event back in 2009, and it has since grown exponentially into a mainstay of Chinese culture, similar to “Black Friday” in the U.S. This year, Alibaba shares grew +2.4% on $84.5 billion in revenues, +8.5% from a year ago. Competitor JD.com JD gained +8.3% on the day on $54.6 billion in revenues today, +28.6% year over year. Yet analysts note the pace of spending overall has slowed relative to previous years.
After yesterday’s tremendous IPO from upstart EV automaker Rivian RIVN, we see a new Q3 report this afternoon from competing EV company Lordstown Motors RIDE. It’s the first bottom-line positive surprise in the three quarters reported since its own IPO — -54 cents per share versus -56 cents in the Zacks consensus estimate — but shares are down -6.5% in late trading. That said, shares of the stock had run-up +24% ahead of the Q3 release, partially on the strength of Rivian’s IPO. Production/delivery of Lordstown’s EV pickup truck has now been pushed back to Q3 2022.
Our quiet week of new economic data concludes tomorrow, where we will get a new Job Openings report for September and a University of Michigan Consumer Sentiment Index for November, both expected 90 minutes or so after the opening bell. Next week ushers in Retail Sales, Industrial Production, Housing Starts and Empire State/Philly Fed indexes.
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